Sometimes you just need a few extra bucks to cover a pressing expense that your bank account can’t quite cover. In this case, a small $700 loan with no credit check might be all you need.
But $700 loans are usually a lot less than what conventional lenders typically offer. Plus, traditional lenders can take a few days to process your application, approve your loan, and deposit your much-needed funds.
So, how and where can you obtain a quick $700 loan? Read on to find out what options may be available to you.
Where Can You Get A $700 Loan With No Credit Check?
|Loan Amount||Interest Rate||Term||Province Availability|
|Up to $50,000||Prime to 46.96%||3 - 60 months||Across Canada||Learn More|
|$1,000 - $15,000||29.9% - 46.9%||12 - 60 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|$300 - $35,000||9.9% - 47.42%||24 - 60 months||BC, AB, ON, NB, NS, PEI, NL||Learn More|
|$500 - $35,00||9.99% - 46.99%||9 - 60 months||BC, AB, SK, MB, ON, NB, NS, PEI, NL||Learn More|
|$500 - $25,000||26.99% - 39.99%†||6 - 60 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|$500 - $20,000||29.99% - 46.96%||9 - 84 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|Up to $15,000||Started at 19.99%||Open-end||BC, AB, SK, ON, NS, PEI, NL||Learn More|
|Up to $5,000||19.9% - 45.9%||6 - 36 months||BC, AB, ON, NL||Learn More|
|Up to $1,000||Max 32%||Max 90 days||All of Canada||Learn More|
|Up to $10,000||12.99% - 39.99%||9 - 60 months||BC, AB, SK, MB, ON, NB, PEI, NL||Learn More|
|$500 - $12,500||19.99% - 34.99%||12 - 60 months||BC, AB, SK, MB, ON, NB, NS, PEI, NL||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, MB, ON, NB, NS, PEI||Learn More|
|$120 - $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NS||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NB, NS, PEI||Learn More|
|Up to $1,500||Varies by province*||Max 40 days||BC, SK, MB, ON, NS, NL,||Learn More|
|Up to $1,500||Varies by province*||Max 31 days||BC, ON, NS||Learn More|
†Interest rates are subject to change. Actual Annual Percentage Rage (APR) vary based on province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB and 34.99% in QC.
What Do You Need To Apply For A $700 Loan?
You’ll need to meet the following criteria before applying for a $700 loan:
- Be the age of majority in the province or territory that you live in.
- Be a Canadian citizen or permanent resident.
- Have a regular source of income, preferably one that has remained the same for at least three to six months.
- Have an active bank account that allows direct deposits and withdrawals.
- Have an active phone number and email address.
You may have to supply physical proof of the above to satisfy the lender’s requirements, such as photo identification, bank statements, and a letter of employment, among others.
Types Of $700 Loans
When it comes to quick, small loan amounts, you typically have two options: short-term personal loans and payday loans.
Short-Term Personal Loans
Personal loan lenders usually have minimum loan amounts that they lend to borrowers. While many personal lenders have minimum loan amounts of $1,000+, there are still some personal loan lenders who offer smaller loan amounts, including $700 loans, and even less. These lenders are usually alternative online lenders, as opposed to banks and credit unions.
Payday lenders are another option to consider if you’re looking for a small loan amount and need the cash quickly. These types of lenders specialize in smaller loan amounts and have lax lending criteria. Approval is fast, and funds are typically deposited into your account within 24 hours.
That said, payday loans are very expensive compared to traditional bank-provided personal loans. Depending on where you live, APRs on payday loans can be as high as 600%. Plus, payday loans must be fully repaid by the time you receive your next paycheque, which can be anywhere from two weeks to a month.
If you urgently need the $700, however, payday loans are likely the easiest and fastest way to get your hands on it.
How Much Will A $700 Payday Loan Cost?
To illustrate how much a $700 Payday loan can cost you, let’s take a look at the total cost for a 1-month $700 payday loan based on the maximum allowed costs in different provinces and territories:
|Province/Territory||Maximum Allowed Cost Per $100||Total Cost of a $700 Payday Loan|
|British Columbia, Alberta, Ontario, New Brunswick, and Prince Edward Island||$15 per $100 borrowed||$805|
|Saskatchewan and Manitoba||$17 per $100 borrowed||$819|
|Nova Scotia||$19 per $100 borrowed||$833|
|Newfoundland & Labrador||$21 per $100 borrowed||$847|
|Northwest Territories, Nunavut and Yukon||$60 per $100 borrowed||$1,120|
Can I Get A $700 Loan With No Credit Check?
What if you have a bad credit score? Or what if you have no credit at all?
If you’re worried about what your lender may see when they pull your credit report, you might want to consider applying for a “no credit check” loan.
As the name implies, a no credit check loan does not require a credit check. The lender will not pull your credit report; instead, they will rely on other factors aside from your credit to determine your ability to get approved for a $700 loan. More specifically, lenders who offer no credit check loans may place more weight on your income, job, and bank statements.
Most payday lenders, in particular, don’t require a credit check. If they do, they’ll inform you during the application process.
Can I Get A $700 Loan With No Bank Verification?
One of the typical loan requirements that you’ll need to meet to secure a loan is an active bank account. Lenders will use this account to deposit loaned funds and withdraw payments for loan repayment. They’ll also look at your account to see what your income looks like, how much debt you have, and if you’re able to afford the loan you’re applying for.
But what if you don’t have a bank account? About 3% of Canadians are unbanked, which means they have no relationship with a financial institution. Without a bank account, it can be difficult to get approved for a loan, but it’s not impossible thanks to “no bank verification” loans.
With these types of loans, lenders do not check bank accounts. Lenders who offer no bank verification loans will still approve you even if you don’t have a bank account. That said, finding a lender that does not require bank account verification can be difficult, though it’s certainly possible.
Otherwise, you have other alternatives to getting your hands on a quick $700 loan without a bank account. One way is to apply for a prepaid debit card and use the card when applying for a payday loan. Or, you can look for a credit card company that will approve your credit card application without the need to open an account.
Can I Get A $700 No Refusal Loan?
Your credit score is key to loan approval. Applying for a loan with a low credit score is risky, as most conventional lenders require a decent credit score before approving a loan application. That said, it’s still possible to secure a $700 loan with poor credit with a “no refusal” loan.
A loan with no refusal is a loan that does not require a credit check. Thus, your loan will not be denied because of your bad credit. Instead, the lender relies on other criteria aside from your credit score to approve you for a loan.
A no refusal loan is usually a quick short-term loan. Your funds will typically be deposited directly into your bank account within 24 hours once your application has been approved.
Can I Get A $700 Loan With Bad Credit?
While it’s much easier to get approved for a $700 loan with healthy credit, it’s still possible to secure a loan with a bad credit score. Here are some of your options:
Most payday lenders do not perform credit checks. And others that do may still approve your loan application despite a bad credit score. As long as other factors check out — such as having a regular income and adequate funds in your bank account — you can still get approved for a $700 loan with bad credit.
Online Alternative Lenders
Many other lenders besides payday lenders may also provide loans to borrowers with bad credit. While they will likely perform a credit check, they don’t make decisions solely based on your credit score. Other factors are considered in place of your credit score, including your job, income, and assets.
Final Thoughts On $700 Loan With No Credit Check
If you’re in need of a $700 loan, payday lenders and alternative online lenders may be your best bet. This is especially true if your credit score is lagging, or if you need the cash within the next day or two. As long as you have a regular income and some cash to back you up, you shouldn’t have any issues obtaining a small $700 loan from an alternative lender.